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Paige, a computational pathology company, has closed its Series B funding round of $45 million
Fremont, CA: Paige, a pioneer in computational pathology focused on innovations in the diagnosis and treatment of cancer, closed its Series B funding round of $45 million. The company's total now accounts to the capital of almost $70 million. Healthcare Venture Partners are the highest contributors in the Series B funding round. Other participants included Breyer Capital, Kenan Turnacioglu, and several others actively involved in the financing. Paige has allotted the new funds to drive FDA clearance of the company's products and widen its portfolio. Plans to delve deeper into cancer pathology, novel biomarkers, and prognostic capabilities will be manifested, too, with the funding obtained. In addition to this, the company has initiated a more in-depth commercial effort in the U.S. and for expansions in Brazil, Europe, and Canada.
"This influx in funding reflects the acknowledgment and recognition that Paige's technology is ready for prime time," said Leo Grady, CEO at Paige. "We believe that AI will have a transformative impact on pathology and cancer care by improving pathology quality, throughput, costs, and by enabling new biomarkers and diagnostics. We are committed to offering these powerful technologies to hospitals around the world, and helping biopharma more effectively treats their patients and bring new therapies to market faster."
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"The funding comes on the heels of a milestone year: Paige achieved the first FDA breakthrough designation for AI technology in Pathology and Oncology and later received the first CE mark in the space," added Thomas Fuchs, Founder of Paige and a researcher at Memorial Sloan Kettering (MSK). Paige has also enlarged its digital slides archives to a whopping 1.2M images. It is developing systems to integrate these digital slides with genomic, drug response, and outcome information to innovate robust new diagnostic solutions.
Paige has continuously stayed in line with its goal to create and present advanced computational diagnostics for pathologists and oncologists, which has proven to function effectively among different slide preparation methods. These various slides are digitized into images with the use of scanners. The company has strategized to provide power technology via partnerships; on the same note, Paige has made a partnership deal with Philips and has also created its AI-native platform. This platform is designed to assist doctors to enhance the benefits of AI-based solutions while dealing with the infrastructure and interoperability blockades from several of the early adopters of digital pathology.
"Paige exemplifies the benefits of digital pathology and represents the bright future of AI-driven medical diagnosis," said Jeff Lightcap, senior managing director of Healthcare Venture Partners. "As hospitals embark on digital transformations, they will face challenges associated with these transitions. We believe Paige addresses many of these issues by enhancing the ability of clinical teams and pathologists to collaborate. We're confident in Paige's future and believe they will continue to develop cutting-edge technologies that enable pathology departments to transform their practices, which have changed little in the last century."
"We applaud Paige's commitment to building clinical AI products that will improve the diagnostic process and patient care," added Jim Breyer of Breyer Capital. "This is a critical time for Pathology, as pathologists are carrying a heavier workload than ever before. Paige understands their needs, and the team has built cutting-edge technologies to address them. Paige represents the future of computational pathology, and we look forward to their continued growth and success."
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